Horizon receives takeover offer

ASX-listed Horizon Oil (HZN) is weighing a takeover approach from a larger rival, The Australian Financial Review reports.

The oil and gas junior is believed to be in discussions with a suitor, with Santos, Roc Oil and AWE named as possible buyers.

Horizon, currently trading with a market capitalisation of $436 million, could announce a deal as early as this week, the AFR said.

Stock in Horizon jumped over 10% yesterday despite the company releasing no statements to the market.